Bengaluru, February 8th, 2023
Entropik, a leading AI Powered Integrated Market Research platform provider, has raised $25 million in a Series B funding led by Bessemer Venture Partners and SIG Venture Capital. The round also saw participation from Trifecta Capital, Alteria Capital, and long-time existing investor Bharat Innovation Fund.
Entropik has grown ~7x in the last two years, fuelled by its expansion into the US, Europe, Southeast Asia, and the Middle East. Its unique integrated research platform brings quantitative surveys, qualitative research, online panel & emotion AI technologies under one umbrella, making it a one-stop solution for marketing & product organizations. Over 150+ global brands across finance, media, consumer goods, food & beverage, and entertainment leverage Entropik's consumer research stack to make better consumer-centric decisions faster and more efficiently.
Ranjan Kumar, Founder & CEO of Entropik
"The world is evolving fast, and brands, whose foundation is understanding its consumer preference & behavior, are failing to deliver meaningful experiences. In our mission to enable brands to achieve a robust understanding of its consumer, we are thrilled to have Bessemer Venture Partners and SIG Venture Capital join this journey. The new round also comes as a testament to the rigor and hard work put in by our global team and the trust put by enterprises in our offerings.”
Anant Puri, Partner, Bessemer Venture Partners
“We are delighted to partner with Ranjan, Lava, Bharat and the entire team at Entropik Tech, in their mission to create a globally-leading Emotion AI platform. We believe the strength of the platform lies in its multi-modal, cross-functional capabilities. We are excited to see the team extend their early leadership in the customer research category while continuing to expand into other categories as well.", said Anant Puri, Partner, Bessemer Venture Partners.
Bhavanipratap Rana, Investment Advisor to SIG Venture Capital
"Entropik provides a faster and cheaper alternative for businesses to interact and understand customer feedback. In an increasingly digital world, consumer and user insights become core to businesses' success in cultivating a loyal customer base. Marketers can now measure more accurately and assess consumer feedback with Entropik's products, like Affect UX, Labs, and Decode. We are excited to invest and support the team at Entropik as they expand into new markets."
Ashwin Raguraman, Co-founder and Partner, Bharat Innovation Fund
“There is a special feeling when you have been at the start of what is an incredible journey. Entropik has grown tremendously, powered by its DeepTech solutions and a high-quality, continuously evolving team. In enabling brands to improve their customers experiences, they are the engine powering how customers interact with their brands better. Their multimodal platform encompassing brainwave mapping, facial coding and voice tonality is globally unique. We hopped on the Entropik train a while back and are very happy to keep buying a ticket to extend our journey.”
With this latest round of funding, Entropik will continue to disrupt consumer research for global brands and build world-class products out of India, enabling research, marketing, and product teams to move towards a more collaborative, agile, and scalable way to conduct research. They will also focus on expanding their footprint across the US, Europe, and Asian markets.
About Entropik
Entropik is a leading AI-powered Integrated Market Research Platform company founded in 2016. They enable research, marketing, and product teams to move towards a more continuous, collaborative, agile, and scalable way to capture user feedback research by democratizing research and insights data across the organization. Headquartered in Bengaluru, the company has a business presence across the United States, Canada, Europe, the Middle East, and Asia.
Entropik's AI-powered Integrated Market Research Platform provides a research platform covering Quant, Qual, Behaviour Analytics, Video Interviews & Self Captures with an integrated panel under one umbrella. It caters to 150+ global clients across sectors such as Telecom, BFSI, Media, CPG, FMCG, and Entertainment, among others.
The company has 17 global patents in Multi-Modal Emotion AI technologies like Facial Coding, Eye Tracking, and Voice AI. Entropik has won many awards and accolades, such as the Amazon AI Award 2018, and is quoted by Gartner as India's 'Top 5 Cool Vendors in AI'.
For more information, please visit: entropik.io
About Bessemer Venture Partners
Bessemer Venture Partners helps entrepreneurs lay strong foundations to build and forge long-standing companies. With more than 135 IPOs and 200 portfolio companies in the enterprise, consumer and healthcare spaces, Bessemer supports founders and CEOs from their early days through every stage of growth. Bessemer’s global portfolio has included Pinterest, Shopify, Twilio, Yelp, LinkedIn, PagerDuty, DocuSign, Wix, Fiverr and Toast and has more than $20 billion of assets under management. Bessemer has teams of investors and partners located in Tel Aviv, Silicon Valley, San Francisco, New York, London, Boston, Beijing and Bangalore. Born from innovations in steel more than a century ago, Bessemer’s storied history has afforded its partners the opportunity to celebrate and scrutinize its best investment decisions (see Memos) and also learn from its mistakes (see Anti-Portfolio).
About SIG Venture Capital
SIG Venture Capital is the Southeast Asian and Indian venture capital arm of the Susquehanna International Group of Companies, a global proprietary trading and investment firm founded in 1987. As part of SIG, we have access to flexible and patient capital to grow with our investments. With 70+ IPO/M&A and other exits and 350+ portfolio companies in enterprise and consumer technology spaces over the last 18 years in Asia, we support founders from their early days through each growth stage. Our global portfolio includes Agora, Bytedance, Kumu, Inshorts, Lentra, Mobile Premier League, Musical.ly, Paidy, PayMaya, and RedDoorz. For more information about SIG Venture Capital, please visit www.sig-asiavc.com.
About Bharat Innovation Fund
Bharat Innovation Fund is an early stage venture capital Fund that invests in globally competitive deeptech startups originating from India. The fund invests in startups across sectors and in emerging technology areas like Artificial Intelligence, AR/VR. Biotechnology etc
Media contact: Aditi Sharma; aditi.sharma@entropiktech.com
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